Latest market data

Stock search

I once went to a seminar on how small retailers could convince
their competitors' clients to switch and do business with them.
The speaker outlined several strategies for cultivating
relationships with prospects loyal to other brands to eventually
win them over as customers.

How long should they keep trying these strategies, one lumberyard
owner asked?

"Until they buy...or they die," the speaker replied.

If the construction-company buyer you were targeting died, of
course, then a new buyer would be hired -- and you could start
trying to win the company's business all over again.

The process of trying to increase your market share is a
continuous one. You can never stop trying to win new customers.
After all, your competitors are probably trying to win your
customers over right now.

And in this economy, let's face it -- where else are you going to
get customers than by taking them away from your
competitors?

Stay relevant through innovation. One great way to gain
market share is to spot new trends ahead of competitors. Listen
carefully when you're chatting with friends, watching the news,
or listening to kids talk about what they like. Think about how
new technology might change your industry -- that was Netflix's opening to crush Blockbuster . There
may be a change in the wind your business can jump on.

Respond to customers -- fast. Remember when leaving a
voicemail recording that says, "I'll get back to you within 24
hours" seemed responsive? Not any more. In this age of
real-time Twitter customer-support, shoppers are increasingly
loyal to the company that can fix their problem right
now. Check out how fast your competitors respond, and then
be faster, and customers will take notice.

Use customers' ideas. Companies such as Threadless have
thrived by putting customers at the center of their business
and letting them design their t-shirts. Keep an open channel
for customer ideas -- one of them might be your next hit
product.

Snap up competitors. Sometimes the easiest way to get
more customers is to simply buy them. Watch for competitors
that might be up for sale and purchase their customer lists.
Shafer loves Baron Rothschild's famous quote, "The time to buy
is when there is blood in the streets." Capitalize on today's
economic chaos to solidify your business's position.

Be more flexible. Are your competitors still expecting
workers to warm a chair from 9 to 5 in their office every
weekday? You could steal their best people by simply offering
more flexibility in how and where people work.

What are you doing to grow market
share? Leave a comment and let us know.